Over 155,000 updated income tax returns filed in May-Sept: I-T Dept

Over 1.55 lakh updated income tax returns (ITR-U) have been filed up to September 2, said the income tax department

Over 1.55 lakh updated income tax returns (ITR-U) have been filed up to September 2, the income tax department said on Sunday.

The income tax department had in May this year notified a form for filing updated income tax returns (ITRs). The taxpayer will have to pay an additional amount over and above the due tax while filing ITR-U.

"Over 1.55 lakh Updated ITRs have been filed upto 2nd September, 2022," the I-T department tweeted.

It said more than 20,000 taxpayers have filed Updated ITRs for both AYs 2020-21 and 2021-22 (2019-20 and 2020-21 fiscal years).

Finance Act 2022 introduced a new provision for filing Updated Income Tax Returns under section 139 (8A) of the Income-tax Act, 1961.

As per the provision, an additional 25 per cent on the due tax and interest would have to be paid, if the updated income tax return (ITR) is filed within 12 months, while the rate will go up to 50 per cent if it is filed after 12 months, but before 24 months from the end of relevant Assessment Year.

The form ITR-U will be available to taxpayers for filing updated income tax returns for 2019-20 and 2020-21 fiscals and taxpayers will have to mention exact reasons for filing it along with the amount of income to be offered to tax.